Bear Stearns To Go 24-Hours In New York; Announces Plans To Trade EFPs By Year-End

NON-BANKS

Bear Stearns & Co. is planning to keep its foreign exchange desk in New York open 24 hours a day starting next week, officials there confirm. The investment bank, which is making a major push in FX, will also add EFPs to the list of products offered by year-end, according to Bear Stearns managing director David Schoenthal.

Bear, which hired Schoenthal away from Lehman Brothers in June (FX Week, June 5), has already doubled the number of staff assigned to its foreign exchange desk in New York